ERPNext Asset Management | New Indictrans

So, we will start. Uh, hello everyone. Uh, thank you for joining the webinar today. My name is Anita, and I'm the regional manager for Africa and Frappe. I look actively into business and marketing enablement for the community. Uh, so today we will be going through uh, the asset management module uh, in ERPNext, and we have with us Sumit Singh Yad from New Indr.

So first, let me uh introduce New Indr. Uh, New Indr has been working with Frappe for the last 10 years, starting from the early de uh uh days of Webnotes, when Frappe was actually Webnotes. Uh, with a strong team of around 80 people dedicated to working on ERPNext and Frappe products, they have uh successfully managed to do uh 400 implementations, including in ERPNext and other products as well. Uh, and uh Frappe referred a client to New Indr Trans for the support of Webnotes back in back 10 years ago, and that client is still working with them today. So they have a very good client retention as well. So the client has also entrusted New Indr with a large Asset Management uh implementation project, which has which was built using the Frappe framework. So uh, New Indr has carried out multiple Asset Management implementations for major clients over the years.

So, uh, coming to Sumit, Sumit is a functional consultant at New Indrans. He's someone who truly cares about making a difference for the people he works with. Uh, starting his journey with ERPNext, he quickly found his footing and built a deep understanding of how to solve even the trickiest client uh challenges. So we welcome him and the New Indr team to help us go through the asset management module in ERPNext. Uh, so over to you, Sumit. Uh, maybe you can take it forward from here.

Yeah, sure. Uh, so first of all, thank you, Anita, for a warm welcome and for our company introduction. Thank you everyone for joining the webinar. So let's start the session. Once I'll start sharing my screen, let me know it's visible or not.

Yeah, so my screen is visible. Yeah, it's yeah. So our today's session is on Introduction to Asset Management with ERPNext, and I will be leading your session today, myself, Sumit Singh Yad. I'm working at New Indr as a functional consultant. And our today's agenda is covering uh various aspects of asset management. First, we will be understanding Asset Management challenges; second, how ERPNext addresses these challenges; key features of ERPNext for Asset Management; then we will be looking for one real-time example; and at last, a Q&A session, conclusion, and there will be a call to an action. So here we go.

What is an asset? Basically, an asset is any valuable item owned by a company. Example: mobile phone, printer, car, manufacturing device, machines, etc. Generally, an asset is a tangible item that is located on the company premises or is carried by an employee. Asset Management challenges which are faced by most of the organization to track down their asset and manage. So basically, any organization faces these challenges: lack of visibility, inaccurate tracking, high maintenance cost, inefficient resource utilization, and compliance pressure.

Features of ERPNext for asset management and how ERPNext addresses these challenges. So first, it provides you an asset tracking and management dashboard, maintenance scheduling and tracking, asset valuation and depreciation management, customizable report tools, integration with other ERP modules. We'll take one example and proceed further on our ERPNext screen with our demo.

So I'm starting with a very basic uh at initial stage from creation of an item, how we are going to convert into an asset and from there depreciation. So as we go to item list, we'll have one [Music] item. Now I need to write an item code and name. So let's take an example of wood cutter machine. We'll fill item name, item group it belongs to an asset, HSN code. So basically, HSN code you can get over Google. For every product, there will be a separate HSN code for this machine, 8456. Yeah, this is the category. Once we have filled these details, there we can see an option to check mark "is a fixed asset". Once we click on this, we get a field of "autocreate asset on purchase" and "asset category". So "autocreate asset on purchase," we will be looking at this later in our webinar, but first we'll go with "is fixed asset," "asset category." So asset category where basically you define the similar kind of asset at one place, whether it's a vehicle. So in one place you can define it, machine. So all the machine types you can define in one particular group, and this is a master. This you can uh create even before creation of an item or this particular point also. Just simply click on "create a new asset category," there will be a field like asset category name and finance book. These details need to be filled. Once you fill the details, save. So we have already created a few. As this is a wood cutter machine, we'll be going with the machine. As I saved, now we'll move to the next part, asset list. Once we open the asset list, "add asset." Over here in item code, we will be writing wood cutter machine. The details, as we can see, item name, asset name, and asset category have been automatically fixed. "Asset owner," it means to whom this asset belongs to, whether it can be company, supplier, customer. So we'll go with company. Once we click on company, uh we can find asset owner company. You can define anything. Uh, we go with New Indr Trans. "Location," location is also a kind of a list where you can create multiple locations based on your feasibility. Uh, for that, just click on "create a new location," mention the location and save. So we have created a few. I'll go with Factory. "Is existing asset," "is composite asset." Let's see the next part where we are going to consider what would be happening if we are going to check mark with "is existing asset" and if we are not check marking this option. So in the first case, uh when we were making the item, this "autocreate asset on purchase" field was there. This scenario, once we are not ticking this option, we need to fill this detail: purchase receipt, purchase invoice. Basically, it means a particular asset you are purchasing one after you have implemented the ERPNext into your organization and then you are purchasing that particular asset. If not, then you can go with "is existing asset" and "is composite asset," which I'll be letting you know later in this session. So as of now, we'll go with "is existing asset." Once we enter the detail, we need to enter purchase date, purchase amount. So let's fill with purchased it. I have purchased this item around 2023 in June. Let's take on 4th of June. We have purchased, and the product was available for our use from June 5th. A gross purchase amount was 1 lakh rupees. Yeah. Once we entered these details, now we can see the option for depreciation. Depreciation is a state; the value of an asset is reduced over its useful life. Once I click on "calculate depreciation," I will be getting opening accumulated depreciation and opening number of book depreciation. So to understand this, let's take an example. Suppose we have purchased a vehicle of 10 lakh rupees, and the vehicle life is for 5 years. Over the 5 years, the depreciation will be happening for a particular thing. So 5 lakh divided by 5 years divided by 10 lakh, it will be around 2 lakh per year. So already my product has been depreciated for 2 years, and I need to mention that. So earlier, if I am using any other ERP or manually I am tracking, then uh these calculations I will be having. Once I will be creating and depreciation there, I can mention opening accumulated depreciation. So the amount which is 4 lakh over here, we can mention that thing in this field, and "number of book depreciation," it means the product is depreciated for the two years. So that year is going to come in this particular field. "The item is fully depreciated," it means it is in a condition of disposable or in a retired state at that particular time. We can go with "is fully depreciated." Now we'll consider a complete new depreciation over here, and we'll be going with the straight-line method. So straight line is basically the depreciation method where the product is getting depreciated over its useful life in the uh equal manner of the uh value. So total number of depreciation, I want the depreciation should be five, and frequency of the depreciation that would be around in months. So in every one year, this product should be getting depreciated over the next 5 years, and "depreciation posting date." Once this depreciation posting date will be working at from the purchase date. So we have purchased the particular product on 4th of June 2023. Our depreciation would be 2024, June 4th. As we have entered the details, now when we come to an insurance detail, so let's take an example. If we have purchased a particular vehicle and with that we get an insurance detail, uh policy number, which company is the insuring partner, whether it's a comprehensive insurance and insurance start date and end date, those values. So I'll be giving you like a uh use case of this later on, and if this is particularly a machine, it will be requiring maintenance over a time period. So we need to tick mark with the option "maintenance required." Once we fill these details, we can save. Over here we can see custodian and departments. We can even mention to whom this particular asset belongs to and which department. So it can be any kind of department: accounting, sales, management, who will be handling the product. As I say, our asset depreciation schedule has been created. So this is the basically our depreciation which is going to schedule 20,000 up till the 1 lakh rupees is been consumed for the next 5 years as we have mentioned over here, a depreciation should be total five and in every one year. So in every one year, total five times the depreciation is being calculated in a straight-line method. There are various other methods which we will be talking about. So once we are satisfied with the depreciation, we'll submit this. Now once we have submitted this, there are a couple of things which we can do. Once we click on "manage," there will be a category of transfer of an asset or directly over here, "asset movement," we can track down. So "transfer of an asset" from one location, we need to transfer this particular asset to the other location. In this scenario, as of now our current location is Factory 1. I want to change this location to some other. I'll click "transfer of an asset" over here. I'll be selecting the purpose. In purpose transfer, source location currently Factory one is there. A target location, I want to move this to as Pune location. I'll be checking this Pune, save, submit. As once I submitted this, we'll go to our screen back, just refresh. Now this was our depreciation, straight line, so the graph would be in a straight-line form, and and previously the location was Factory 1. Now the location has been updated to Pune. Let's go with other tasks now. Here "maintain asset," as I have mentioned a wood cutter machine, definitely any machine would be requiring some maintenance. For that, we'll go to our maintenance part, "maintain asset." Over here, "maintenance team," we need to define. If it is not been initially set up, you can click on "create a new asset maintenance team," just enter the team name, maintenance manager, and other details, fill and save. So I already created one as a name Sumit, and in task I have assigned wood cutter machine. Uh, so first task would be cleaning, cleaning the blade. Periodicity can be daily, weekly, monthly. So let's assign as daily, and to whom I want to assign any user belonging to the specific criteria, I can assign. So let's assign to Atul. As we have uh entered the detail, so it's periodicity is based on a daily basis. The next schedule day we can see over here is 26/09. As I save this, now over here the plan state came under the plan section. "Cleaning the blade" task is being planned. As I click on this, now I can change the status. If it is been completed, so when the task has been completed, assigned for tomorrow only, it's completed, change the maintenance status as completed. What particular action has been performed? So "blade cleaning," we can mention. Once the details are filled, just save and [Music] submit. As we submitted, we can see the status has been updated to completed. Let's go back. Hello. Yeah, so uh we request everyone to ask the uh put the questions in the Q uh chat box because the session is recorded and we'll take it in the Q&A session. Yeah, okay. Thanks. Yes. Yeah, so now here two things we can overview: one is completed task and one was the plan task. This part is over. Let's move on to our next part. So now "repair of an asset." Particularly any machine gets a failure or it stops working; in that condition, we will be going with "repair asset." As I click on "repair asset," when is the failure occurrence date? Let's mark as 24th. After mentioning, depends on your purchase invoice, how much cost was required to repair this particular thing, you can fit the item cost directly. So in my case, I am having a few of the purchase invoices ready; we can track with them. So repair cost taken 2,000. What was the error? We can mention wire damage. "Action performed by," we being changed and just save. Yeah. Once after submitting that, there will be an option "repair status." If it is in a pending state, let it be pending, completed, and cancel. So this has been completed and submit the task. So we can see our work has been completed. Let's move on to another example. After "repair asset," "split asset." Uh, "split asset" basically means dividing an asset into more than one form. Let's take an example and understand. Suppose if any organization there is a single person involved and handling two laptops, and another employee joined and he also required now a laptop. So the first person who was handling the laptop, he was having two. We have given, divided the laptop, one laptop belongs to employee one and another goes to employee two. So basically it means dividing of an asset. "Adjust asset value." "Adjust asset value" defines if a particular thing, asset, is in a good condition or suppose let's take another example where we went with some maintenance cost or a repair status. In that condition, our asset value has been decreased to some amount, and I need to update that as a new asset value. So current state asset value was 1 lakh. Now I want to change as 90,000. As I save this data, yeah, we can see the difference amount is automatically first over here that the difference amount is 10,000. Let's submit this. Once I have done these changes, it will impact on our depreciation. Let's see how. Earlier at the creation of an item, we have given our asset value of 1 lakh rupees. Now this has been canceled, and the new depreciation has been scheduled, which is costing 90,000. So the depreciation dates and everything will remain the same, but the amount which is that will be getting updated. So now at the price of 90,000, a particular asset is being getting depreciated. Yeah. Uh, let's move to the next category. Once we complete this, let's go to asset capitalization. So just verbally I'll be explaining about asset capitalization because it's an advanced asset concept, and we require a long duration here. We are time-constrained, so I'll be explaining. Basically, capitalization means assigning any particular product as a long-term investment rather than an expense at an immediate stage. In capitalization, we have two categories: creating a new composite asset, choose a WIP composite asset. So first go with "create a new composite asset." So in composite asset, for example, there is a system server which I need to set up. For setting up this system server, I'd be requiring hard hard drive, motherboard, cooling system, RAM, power supply unit, hard drive. By combining this sub-asset, this system server will be set up as a large asset. ERPNext provides us the feasibility to calculate each sub-asset depreciation separately, and this particular system server, a large asset depreciation as a separate. This is the meaning of basically a composite asset. Now "WIP composite asset." Let's take an example. A construction building is there. A building is getting constructed over a period of three years, and the total cost in construction of that building is around 30 lakhs. So for construction of a building, we required labor, bricks, materials, water supply, and cement, etc., many things. So that all the calculation which will be happening, we can consider as a WIP composite account, and we can accumulate that overall expense over there. Once the item has been developed, we can move it to the fixed asset category, and once we are moving to the fixed asset category, the depreciation will be started for that. Until this stage in WIP composite asset, depreciation will not be happening. It means the item is not ready for use. Now another thing in this decapitalization. So decapitalization basically focuses on disposal of asset, retirement of an asset, or scrapping of an asset. So in that case, we can go with [Music] decapitalization. Next part is our scrap asset and sell asset. "Scrap asset," the same what I have told as a decapitalization, a particular asset we are scrapping down or retirement. Uh, this asset particularly does not require anymore. For that, in that case, you can just click on "scrap asset" and submit. On the yes option, uh just tap it, the item will be in scrap condition, and for selling of an asset, just click on "sell." You need to fill this detail as a sales invoice. Once this is saved and submitted, you will be getting the status as sold. Some of the use cases which I'll be showing to you about scrapped and sold items. Let's see this was a laptop ThinkPad, and as we can see, the item has been scrapped, no more in use. So you are getting the condition as scrapped. Another one is sold. These are a few examples. Let's take this Lab 001. As we have sold this item, our status is reflecting as sold, and we can um the same way as I told, sales invoice, just submit that, do the payment entry, the item will be got sold. Now coming back, taking to another scenario. "Plugin," create one item. Let's take an example of a laptop. Item group, asset, just this. Let's take laptop itself. Yeah, mark as is fixed asset. Once we have marked fixed asset, we this time check with "autocreate asset on purchase." Now another field will appear over here: "is create a group asset." If similar kinds of assets are there, we can go with "create grouped asset." Need to define an asset category as an electrical component or let's yeah, let's go with electrical component, assign asset naming series, save this. We'll create a PO cycle. So we'll go with purchase order, add CH AO supper required by date. We'll enter our item code. Uh, let's give us a rate 80,000, save and submit. As we have submitted, we'll create a purchase receipt for it. Just in this, go to the item line. Inside item line, there will be a field to mention the asset location. So in warehouse and reference asset location field, mention the location, location anything as Factory, to save and submit. As once we save, we get the message asset ACC ass has been created for laptop 112. Now we can complete this flow as well. After this purchase invoice and payment, the status will be paid. Now we'll go to our asset list, just remove to filter, see. Just now we purchased, and the asset has been automatically created into the asset open. Now you can see the purchase detail, purchase receipt, purchase date, what was the gross purchase amount, how much quantity. So these fields automatically will be populated over here. The another condition which we were talking about, and as well we can go with the calculation of depreciation. So now when we go with the depreciation, there are a few things like straight line, double decline balance, write-down value, and manual. So we'll go with double decline balance. Let's see an example of double decline. This is for write down and yeah. So double decline balance, double decline balance is basically an accelerated kind of depreciation where it is double the time of the straight line, with double the rate of the straight line, the item will be getting depreciated. So suppose our asset value is of 1 lakh, and useful life is of 5 years. In the same way, our total asset cost was 1 lakh rupees in this case, and double decline balance we have applied. Total depreciation five was required. We can see at the amount of rate 40% rate, the item price is getting decreased at the opening of it, and later on it will be getting reduced. So the consumption of until 1 lakh rupees in this, the item will be getting depreciated as 40%. Another example, this is of double decline. Now we'll see with write-down value. Now the condition of write-down value is similar to double decline; the only difference is that we can define over here at what percentage the particular depreciation will be happening. So once we go and select uh write-down value over here, we can see the rate of depreciation which we have mentioned. So it is of 20%. So 1 lakh of 20% will be 20,000. So at around this is getting depreciated per year with 20% up till 1 lakh rupees has been consumed for the next five totaler for the next five years. And another example of our uh insurance, how we can mention that fee. So this is a case scenario where we have an example of Mahindra, and as I mentioned as an asset category into vehicle, a gross purchase amount was 25 lakh rupees, and depreciation was happening every year for the next 10 years. We can fill policy number, insurance start date, end date, whether it's comprehensive or not, what is the insured value, and the partner. Apart from this, like basically this was all about ERPNext Asset Management, and there are a few things like whenever we are doing any purchase or anything we are doing with an asset, whether we are adding expense over it, we are selling, so it will be impacting our ledgers, and definitely the impact of that will be on our accounting process. So for that, a few of the things we we are not going very deep into this um as this would require lots of complex things are there. We can go with the report view for this. As I write "report list," in the reference doc type, you need to mention what report you want to see. So we want assets to be seen like this. A display will appear for asset depreciation ledger, asset depreciation and balance, fixed asset register, like this category. Once we click on asset depreciation, let's just click on "show report." I guess maybe some error is there. One second. Over, we can see uh like various all the reports. In this report view, we can view the complete detail from cost to depreciation location, everything can be faced, and there are several reports which we can define this thing, and as well as in Ledger also we can see this particular thing. So let's move to our next part over which I will be telling you about. Uh, the New Indr team has created an optimal and most prominent solution for one of our clients: a QR code-based asset tracking system. And this is the most prominent way of using an asset. Basically, uh over here we can start with an asset life cycle where stage by stage we can um look for the things, start right starting from procurement, deploy and discover, maintain, support, retirement, and disposable. So a complete asset life cycle can be tracked down from here. Once we are moving uh so these are the details, basically you know like how we are asset recording details, locations, and so that thing. Let's come to the part. It's basically a mobile application where you need to log in into a screen, KF Community mobile application, where the user can log in using the normal ADFS login ID. They will be having. Once you have logged into this, you can fetch the uh click on asset icon, and inside asset icon, there you will be getting the fields of asset module where you can define the asset. Either you can enter the asset ID manually, or we can go with the barcode scanning. Once we go with barcode, the display will appear, the complete detail of that particular asset. In that, we can go with um it will be describing detail schedule update and what kind of it belongs to asset type, whether it's having an asset subtype or not, and vendor name, serial name. So complete detail can be fixed over there. Even we can uh do the transfer of location from one location to another, and depreciation scheduling every year, what kind of a depreciation. In the same way like straight line, double decline, write-down value, and in the same order. So these things can be covered from this particular application, and it ensures us to track down an asset in an easy manner without having much trouble. This is completely based on our Frappe and Next, but just in the form.

Of mobile application, let's come back to our RPX scen. I just forgot to mention there is also a manual kind of a depreciation in this where we can go with manually depreciating of an item at a particular percentage or any amount. Like, suppose first year we have depreciated a particular amount for 30,000 rupees, uh, and next year we are going with 20,000. So if any organization following a non-standard pattern or they are having any internal policies based out of that, they can go with manual depreciation. So yeah, that's all for about basics of an asset management and introduction. I hope you all understand this. Over to you, and now we can open for the Q&A session.

I think, uh, we can run the poll first and then we can take a question and answer one by one. Would that be okay? Uh, we can see there are a couple of uh, raise of hands also, so we'll uh, run a quick poll and uh, after that we'll uh, answer your queries. So we have launched the uh, co-- uh, we would request everyone uh, if you can just spare a few minutes and just uh, give your response to the poll that we have generated. Interesting. So let us end the poll and I'll share the results as well. So these have been the results. Okay, thank you everyone. Uh, we uh, we'll take the questions one by one. Uh, maybe Sumit uh, you want to take each of the questions one by one?

Yeah, sure. I so we have a question from Anish Pril: "Can I get a certificate after this section?" Okay, okay. Sorry, I thought of getting an asset certificate. There is a field. Next question was from Amir Babu: "Where is the asset warranty service provided? Detail frequency of repair, etc., created?" So, so as we went in the section where like we have seen the repair, I'll share you my screen. Yeah. So basically this section over here in asset list manage, over here we we have a few couple of tasks as you have said: repair of asset and maintenance. Other thing, we can transfer from here or directly we can go with this movement section. In this field, warranty section we can add, but it needs to be customized in other way. Insurance detail which we can fill uh was there. So this is our insurance detail where we have fi, see like this we can mention our insurance part. I hope this query is cleared. Let's move on to another one. Yeah, so another question, question is: "Can you change the depreciation method of an asset after it is created in ERP?" Uh, yeah, it is possible, but it will be a complex task. In this case, you need to um, cancel the complete asset and recreate the depreciation again. In that uh, the complete depreciation which was scheduled previously, it needs to be cancelled and once after cancelling you can go with the new depreciation. So most of the time these things are not recommended. We can go with the like uh, standard thing at the creation of an asset only and we can describe that the depreciation.

Sudhakar Ki: The next question regarding creating maintenance record: "Is it possible to create recording maintenance t for example monthly inspection and oil change?" Yeah, as as we have seen the planning section, if any asset requires a maintenance over there, we can schedule our timelines on a monthly basis and different different tasks have been planned. Like first, if oiling is there, you can do oiling uh, and inspection. These two particular uh, concurrent tasks need to be happen, so we can yeah, we can mention over there these things as well. Yeah, someone is asking about CWIP: "Can I explain once again?" Okay, so composite work in progress asset. Composite work in progress asset basically defined yet the particular asset has not been ready to use; it's under a development. If let's take an example: construction building, yet it has been not constructed completely and it is under construction. So that's why we are keeping it. The depreciation which is going to start, it is once after that uh, once after the development is completed and we move it to the fixed asset category, that time the uh, CWIP will be working. Composite asset. Anyway, we can keep another session for those things; that's a bit complex things over there. Uh, "What are the possibility of integrating um..." Okay, Kamal Solanki, your query was about what? Yeah, what are the possibilities of uh, for this Kamal Solanki, what is the possibility of integrating ERPNext Asset Management? For this question, I can ask my team members to note down and they will let you know. Yeah, so for other queries, I hope I have almost cleared many queries. We are ahead of time, little, so we can keep this uh, queries into another session and uh, even our team has been tracked this uh, all the questions which you have said. We can reply this to your mail ID or we will let you know the answers. So I think Su, we can take a couple of the questions. There's a question by Ano; he's mentioning: "How to send asset out of the organization for repair and track its transaction? How to send asset out of the organization for repair and track it transaction?" Okay, so for basically like if it needs to be sent out of the organization uh, we can do so, but requires a bit of customization. So we can keep the track of it K de side. So what we can do is we can use the asset movement dock type, first thing. Second thing, what we can do is we can change the custodian of the asset till time there will be a supplier link to that uh, service service provider who is going to repair our asset. So what we'll be doing is we'll be just creating a maintenance schedule or an asset repair and marking the purchase invoice against that supplier for the repairs he has taken over. So through that we can route, which is through the standard way, else we have to customize something in ERP to accommodate this use case. I hope that answers your query.

Uh, "Hi, can I explain?" Yes, sure. Hi, so I just want to ask like: "Are we giving the warehouses and all like how we are giving in the subcontracting?" So that can be done through an asset location, but the subcontracting flow works on an item basis, not an asset basis. So that is not there by standard in ERP, but some workaround or some extra dock type, so you can play around with the asset locations considering them as warehouses. Through that you can do that kind of approach by making an asset movement, sending it from one location to another as a subcontracting entry and then doing the repairs and uh, getting it back from that location to our source location. This is one possible way to do so; else we need to customize something for that. Yeah, got it. Hello, then. Yeah, hello uh, yes, excuse me. Yeah, yeah, please go ahead. Yeah, I have one question, Mr. Suit. While you introduce the existing asset recording uh, you did not uh, highlight the point of uh, opening accumulated D and the number of depreciated number of depreciation done for the existing asset. So I just want to show us a life example how to book the opening accumulated depreciation and the number of depreciation done because I tried to participate this in the ERP, but there was some message related to the posting date is not matching with the B date or or date, the date available for use. So there was some conflict in this point. Okay, the second second question. Okay, yes, you can second second second question is: "If you are selling one asset as you highlight before, you will we will mark it as sold, but my question uh, what are the steps we have to do for after stealing the asset in the ERP? Do we need to do some transactions or entries or automatically once we uh, Market as sold, the ERP will take the will do the necessary records okay to close the opening opening Balan?" Okay, so uh, Suit, just share your screen, so I break down your questions in two parts as you mentioned the question one and question two. So the first first question is related to an existing asset. Okay, so when there is an existing asset, there are some things which we have to keep in mind which has to have be entered in the master data. The first thing is when was the actual uh, use date of that asset? That is a mandatory field. The second point is the gross purchase amount, which means the value at which we had purchased the asset, probably a year or two years ago. These two things are mandatory to create an asset as an existing asset. Once this is done, what you have to do is you have to do a back calculation or probably in any of your excels or any other source system you are tracking the data of your uh, asset register. In that asset register or your Excel sheet, you'll be having the number of depreciation booked and the amount of depreciation booked. So the of depreciation book you have to enter in the opening accumulated depreciation field, so that the system knows that that an asset A is worth of 100 rupees, but the depreciation worth of 50 rupees have already been charged over the past years, so the further depreciation will be continuing for the remaining 50 rupees of that asset. This is how you can you share the screen, please? Can you share the screen? Uh, okay, sure. Su, just share the screen. I'll just quickly run through the fields as we are short in time and we have other I'm so sorry uh, but maybe I uh, maybe I should interrupt. Maybe we can take this separately over a call because it's a two-part question; it might take some time to actually show it to the system. But that okay because we have couple of questions that uh, people would like to uh, ask also. What I'll do is I'll just uh, drop in my email yeah the chat and you can reach out to me. Yeah, yeah, hope that's okay with you, Mohammad. You that's okay with you? Okay, we can have a separate call for this if I can and you also maybe drop in your email ID in the chat box so that the new indr team can also reach out to you. I will drop I drop my email now in the chat. All right, thank you so much. Okay uh, we have some raise of hands as well in uh, so if uh, all of you can just unmute yourself and ask the question. We have three four Ray of hands. Yeah, anyone of you can ask.

Jo: Hello Sumit. Hello. Yeah, you can go ahead. Uh, Sumit, by as you said earlier that uh, a company is maintaining two assets and after that you split the asset for another employee with join. Okay, yes. So what if one employee that has been assigned a laptop has left the company and now you want to regroup that asset? Okay, basically you mean to say uh, only one laptop was there and that the employee who was having that particular laptop he has left the organization? No uh, no sir, that I am asking uh, I am telling that as first you said that in company there were two laptops and which was handled by one employee and after that another employee joined and you split that asset from two to uh, two different individuals. Now one individual has left the company, so how will you regroup in the ERP [Music] system? Okay, we can like if uh, for the particular year that particular asset has been used. So based on that appreciation first thing and we can regroup with the category. I guess ERP is not much involved in this because we are regrouping of the asset, so directly we can hand over to the particular assigning person and he can uh, mention into the feied that again we are having a two particular uh, laptops or anything when we are dividing that thing. Okay, and uh, I have another question that uh, how will will we manage a non-current? Like you said that current working progress assets are the asset that will take a long time to be developed, so non-current uh, assets are somewhat like that. So can we basically use the current work in Pro composite work in progress asset for tackling with non-current assets? So there are two use cases. One thing one thing if you wish to start the depreciation schedule of that asset once it is purchased but it is under development, then the CWIP needs to be explored and moved further. But if you do not wish to do so, you'll just keep the asset in draft. Once everything is done, you ready for the uh, we'll be ready for the uh, depreciation schedule, then you can start uh, okay, thank you, sir. Yeah, I guess now we have no open questions.

Hi Sumit, I have one question. Yeah, when we are transferring the asset from one custodian to another or one department to another, can we change the cost center as well in that? By standard, there is no provision for cost center transfer because the cost center logic is only limited to the in purchase and purchase uh, sorry, the P&L accounts, not related to the asset accounts. That is why there is no concept of cost center, but we can have a provision of transfer. We have done it for one of our clients in the Middle East; that can be that similar functionality can be developed. Okay, perfect. So it's mean we can do the customization for that? Yeah, customization is possible. Only we have to identify what kind of touch points we need to customize: either we want to transfer the further depreciations in the new cost center or only the value of that asset. These two things need to be finalized, so some custom JVS needs to be passed to that. Okay, perfect. Thank you. Hi. Hello. Yeah, hello. Hi, this is Alex. Thanks for actually it was a wonderful session, but I have questions because like if it a fixed asset like it involves like more or like you know, finance part and HRM part and plant maintenance also, so it's a deeper thing to discuss, but I have just few things to say like there are few more methods that we use for ex like uh, use as declining balance method or MS or like group composite method, right? Can you give us a little bit of insight about those methods? It will be more helpful, you know, about CWIP you are asking. I'm just asking about like double decline method uh, the unit of production method with use of production, right? Production based asss. So to answer your query, we'll be sharing you the documentation link. In that documentation link, I've just dropped it in the chat. You have all the methods and how they work, so that functionality you can explore through the documentation first. If you still have any queries, we have our emails dropped in the chat; you can reach out to us through that. Yeah, yeah, thank you so much. Thank you. Thank you. So yeah, over to you, Anita.

Thank you so much, Su. Uh uh, thank you everyone for joining in the session today. Uh, we uh, give a a huge round off uh, thank you to the new indr team to actually provide us a lot of insights with regard to the asset management. Uh, in case uh, you have any other further queries, because of the limitation of time we are not being able to take each and every query. So if you have any queries, you can just uh, reach out to the new IND trans team or you can even reach out to frappe as well. We will help you redirect to newron team. Uh, moreover uh, uh, we would like you to actually provide us your valuable feedback as well uh, so after uh, the closure of the session there is a quick feedback form which will pop up. So we would request you to fill in the feedback form. Also, we are also sharing the feedback form in the chat box itself. So uh, please do share your valuable feedback so that we can conduct more sessions like this and it will help the frappe as well as the newr team to actually uh, work out more sessions like this. So thank you everyone for joining in. Hope you have a wonderful day. Thank you. Thank you all. Great session. Thank you everyone for participating in the webinar. Thank you. An, thank you so much. Thank you. Thanks.